Growth in overseas markets is therefore "an important attribute" for any equity, "but right now the main focus will continue to be on the homeland U.S. market," Bittner went on. Emerging-market growth mattered more three weeks ago than it does right now when the more important metric is determining which companies will outperform domestically.

"If international operations work but a domestic turnaround doesn't happen, the stock fails," Bittner said, naming Wendy's as a prime example. "Investors must be very aware of the domestic side of operations before investing in a particular equity because of the dislocation of what people are expecting. Figure that out first before putting your marbles all in international attributes."

-- Written by Miriam Marcus Reimer in New York

>To contact the writer of this article, click here: Miriam Reimer.

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